Springsteel, Ian
June 2003
Investment Dealers' Digest;6/30/2003, Vol. 69 Issue 26, p30
Trade Publication
For Thomas Chewning, the chief financial officer of Dominion Resources Corp., there are few more satisfying achievements than closing a massive equity deal in little more than an hour. That's just what Chewning was able to do on May 20, 2003 when the Virginia-based utility and power producer launched a $620 million common stock offering in an auction. By the end of business that day, Lehman Brothers Inc. had emerged as the winning lead underwriter among four banks vying to buy the deal outright. Despite that drop in volume, however, few finance executives seem to be compelling their bankers on the fee front. Some investment banks have been more willing to cut deals than others. Four investment banks, Bank of America Securities, Merrill Lynch & Co., J.P. Morgan & Co. and Credit Suisse First Boston have lowered fees the most, according to Thomson data that measure fees earned as a percentage of proceeds raised. The key problem for Bank of America however, seems to be that the priciest marketed transaction for which the bank managed the book so far this year was 3.9% for this $206.3 million equity offering for Oneok Inc., which it lead managed with UBS and J.P. Morgan.


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